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Currency Currency
by ForexNewsNow Team on October 28th, 2010

EUR/USD forex technical analysis round-up: Oct. 28

EUR USD analysis - The EU flagNEW YORK (Forex News Now) – As of around 7:15 A.M. GMT on Thursday, the euro was up against the U.S. dollar, trading around 1.3829 during European morning currency market trading.

This is what the analysts say about the heavily traded currency pair in the near-term:

Analysis available from the realtime forex news site FXstreet predicted that the “next technical resistance of note is at 1.3860/65, where both the 50% retracement of 1.3980/1.3735 and the 38.2% retracement of the 1.4080/1.3735 fall.”

Analysis from Forexpros pointed to the the release of U.S. data on New Home Sales as the catalyst for the euro’s gain and predicted that “the pair was likely to find support at 1.3734, Wednesday’s low, and resistance at 1.4080, Monday’s high.”

The online forex news outlet placed R1 and R2 at 1.3832 and 1.3837 respectively with S1 at 1.3818 and S2 at 1.3809.

Forex traders eyeing EUR/USD trading should expect the following events scheduled to take place today to impact the pair:

  1. European Central Bank President Jean Claude Trichet speech – 8:30 A.M. GMT
  2. Euro zone Consumer Confidence/Business Climate indicator – 9:00 A.M. GMT
  3. US Initial Jobless claims (Oct. 23) – 12:30 P.M.  GMT.   (Forecast: 455,000 | Previous: 425,00)

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